what is NEO?

Neo Smart Economy

Brief History

AntShares (ANS) was created in 2014. AntShares, founded by Da Hongfei and Erik Zhang, is also known as ‘China’s first blockchain platform’. In 2016, due to the growing interest in AntShares and also the need for blockchain solutions that meet the requirements of both government regulators and private companies, Da and Erik founded OnChain. Onchain, located in Shanghai, is a venture-backed company that provides blockchain-based financial services. In 2017, AntShares was rebranded as Neo, as we know it now.

NEO is the first decentralized, open-source cryptocurrency and blockchain platform launched in China. Apart from the NEO cryptocurrency, NEO has one more crypto-token called GAS, but more on that later in the article.

 

NEO Use Cases

  • Digital Assets

NEO’s goal is to convert traditional assets into digital assets using smart contracts. These digital assets will be decentralized and will be protected by law using digital certificates on the blockchain.

  • Digital Identity

A digital identity is information on an entity used by computer systems to represent an external agent. That agent may be a person, organisation, application, or device. NEO will make it possible to create the identity information of organizations, individuals and entities in an electronic form. The identity verification will be done through multi-factor authentication mechanisms such as fingerprints, voice recognition, facial recognition and SMS.

  • Smart Contracts

Smart contracts are automated contracts. They are self-executing with specific instructions written on its code which get executed when certain conditions are met. But in NEO, unlike with other smart contract platforms, you don’t need to learn a new smart contract language to be able to code your own smart contract. If you know a programming language like Java, Python, Kotlin or any of the mainstream programming languages, you can get started right now to code your smart contracts.

  • DApps

NEO will be supporting the development of decentralized applications (DApps) by continuously developing more mature development tools and techniques. Some examples of DApps are managing your own identity, decentralised financial platforms, a fully open-source and decentralized private cloud and many more.

 

NEO has two crypto tokens:

Neo and Gas

  • The NEO token is like a share in the NEO blockchain. It has a hard cap of 100 million tokens which were all pre-mined.  NEO tokens will be used in block creation, network management, network changes, and other consensus requirements. But unlike other cryptocurrencies, a NEO token is not divisible. The smallest unit will always be one
  • The GAS token is also hard capped at 100 million tokens and it acts as the fuel for the NEO blockchain. GAS, on the other hand is divisible, and it was not pre-mined. 100 million GAS tokens will ultimately be generated through a decay algorithm in the next 22 years. GAS will be used for operations such as running DApps, smart contracts and it provides an incentive for maintaining the blockchain. Every NEO holders can earn his own GAS rewards. Below we will tell you how.

 

GAS Rewards

The best way to store NEO is on a Ledger hardware wallet so you are in possession of your private keys. You download the application to install NEO on your Ledger, connect it to the NeoN wallet you can download HERE and transfer your NEO to the public address of your Neo account that you created with your Ledger.

If you don’t have a hardware wallet, you can always download the NeoN wallet and create an account like that. But make sure that you save your private keys somewhere safe. If your PC crashes and you don’t have your private keys, there is no way to access your account and your NEO and GAS will be forever lost!

Once the NEO are in the wallet, they will start generating GAS. You can calculate how much GAS you will get by using this calculator. The GAS your generate will automatically be visible in your NEO wallet.

 

How to buy NEO and GAS.

The best way to buy NEO and GAS is on the Binance Exchange. If you leave your NEO on this exchange, you will also get your GAS rewards.

You can buy some Bitcoin, Litecoin or Ethereum at Coinbase and sent them over to Binance. Here you are able to buy NEO and GAS tokens! Also make sure to check out this post on how to reduce your exchange and sending fees at coinbase!